Abstract:
The purpose of this study was to investigate financial control practices
in public second cycle schools in order to check whether there are financial
irregularities in the use of school funds in the Cape Coast Metropolis. The
study adopted cross-sectional survey with mixed methods design.
Questionnaire and interview guide were used to collect data. The
questionnaires were analysed using Statistical Product and Service Solution
(SPSS) version 20.0. The interviews were also analysed using Nieuwenhuis’s
(2007) guidelines to reduce, condense and group the contents of the
interviews. The findings indicated that the heads managed funds in accordance
with the school budget drawn. It was found out that the external and internal
auditors were in charge of monitoring the heads financial management through
their quarterly and annual financial statement analysis. It was also revealed
that due to limited knowledge of the heads they delegated budget preparation
to the accountants. The findings revealed that there was no segregation of
financial duties and this may also lead to financial improprieties in the
schools. It was concluded that the heads were caught in the web because they
did not have the requisite skills to detect any underhand deals by the
bursars/accountants. It was also concluded that there were weakness in
external financial control mechanisms that influenced internal financial control
practices in public second cycle schools due to inefficiencies and
ineffectiveness in financial operations. It is recommended that the objectives
of financial control in the schools should be achieved through SMART
(specific, measurable, achievable, reliable and time-bound) principles. The
SMART principles should also be achieved through goal settings.
